Well accelerating and hitting a limit in RPMs followed by profuse backfires is a pretty strong indication of fuel starvation. It could be clogged up main jets on the carbs, it could be (as posted) vent blockage. It could be a dozen small things.
Can you provide any better detail on the history of the bike? I know you just bought it, but was it a daily rider? Had it been sitting? Did you test ride the bike beforehand?
Use a PhotoBucket account or similar and post some pictures with some detail of the bike, from sides of the carbs, etc.